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Gold Price Forecast: Consolidates Above Key Levels, Bullish Reversal Possible
Gold has found support around the 50% retracement with a low of 2,384 reached on Monday. Support is further indicated by the June 7 interim swing high of 2,388 and the 20-Day MA at 2,382. If support at this week’s low continues to hold gold is in position for a possible retest of last week’s new record high of 2,484. Monday completed a relatively narrow range day and today, Tuesday, is set to end with an inside day, representing consolidation. chart A decisive rally above Monday’s high of 2,412 triggers a bullish reversal from key short-term support. Going forward the 20-Day MA will be in a good position to ... (full story)
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- Posted: Jul 23, 2024 10:01pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 405
